99 LONG STREET, ASHVILLE, OHIO
POSSIBLE USES APARTMENT (CURRENT) OFFICE CONVERSION CHURCH / INSTITUTIONAL MIXED USE
PRICE REDUCED!
99 LONG STREET, ASHVILLE, OHIO Present use is 35 apartments (25 @ 1BR + 10 @ 2 BR) plus single family home plus approximately 2,500 sq.ft. commercial/ banquet space. Many possible uses for the 3 buildings which total approximately 36,383 sq.ft. as follows: 4 Story Building 25,393 S/F 1 Story Building 8,860 S/F House 2,130 S/F Total Area 36,383 S/F Ashville is a quaint and historic small town with a population of 4,097 located just 10 miles south of the I-270 outerbelt. Ashville is experiencing rapid growth which is projected to accelerate due to its quality lifestyle and proximity to the Rickenbacker International Airport, Foreign Trade Zone and Transportation HUB. Beautiful 1900 Vintage Structure has been well maintained by the current owner. Offered For Sale @ $795,000 or only $21.85 / Sq.Ft. For More Information Please Call Steve Holzer Commercial One Realtors 1515 Bethel Road, Columbus, OH 43220 614-324-6718 Direct · 614-451-9943 FAX · 614-374-8231 Mobile PLEASE DO NOT DISTURB ON SITE MANAGEMENT SCHEDULE ALL PROPERTY TOURS WITH COMMERCIAL ONE No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principals.
ET STRE G N LO
99 LONG STREET Ashville, Ohio 43103
VENUE MADISON A
TR EE T
AVENUE
LO NG S
MADISO N
LONG STRE ET
MA D
IS ON
AV
EN U
E
99 LONG STREET Ashville, Ohio
DISCUSSION OF THE PROPERTY
The property consists of 3 buildings on approximately .6887 acres of land at the southwest corner of Long Street and Madison Avenue in Ashville, Ohio. Based upon my field measurements the gross building areas are approximately as follows: 4 Story Building 25,393 s/f 1 Story Building 8,860 s/f House 2,130 s/f Total Building Area 36,383 s/f (see building sketches & dimensions attached) The property currently consists of 25 one bedroom, 10 two bedroom apartments, 1 three bedroom house and approximately 2,500 s/f of ground floor commercial space. In addition, there is an on site laundry (4 washers / 2 dryers), rental office and banquet facility. The utilities are not presently separately metered and the owner currently pays all utility costs. The building exterior is brick and masonry with the exception of the house, which is frame. The owner has recently replaced the shingle roofs, repaired the slate roof on the large building and installed new vinyl eaves. Exterior condition is excellent for a property of this age and design. The interior is in good repair and condition as well, with finishes designed for efficient and affordable housing for low to moderate income residents. The purchaser of this real estate could reposition the asset in order to achieve upside potential as a rental property or convert the property to office, commercial or other uses. The following are a few examples of possible future uses for the subject property: 1) Continue use as affordable housing with an eye to upgrade rents and utilization of the existing commercial space, banquet facility and common areas. 2) Convert a portion or all of the building to office for owner occupant or multitenant mixed use. 3) Convert to church, private school, clinic or other institutional use. The lack of significant on site parking may be an issue under scenarios 2 and 3 above, but there is on street parking and the possibility of acquiring additional property with close proximity that could be used for parking to support office and commercial uses.
FINANCIAL AND VALUE ANALYSIS
Income Approach to Value: 25 One Bedroom: Average $'s/Mo. 10 Two Bedroom: Average $'s/Mo. 1 House: $'s/Mo. 2,500 S/F Commercial/Banquet Total $'s/Month Gross Scheduled Rental Income
Current Run Rate 6/14 $489 $522 $800 $0 $18,245 $218,940
Less: Vacancy Add: Other Income ($12/Unit/Mo.) Gross Operating Income
(21,894) 10% $5,184 $202,230
Base Operating Expenses $'s/Unit (36 units) % G.O.I. Gas & Electric Proforma Net Operating Income
Offered Sale Price
Gross Building Area (s/f) Asking Price / Sq.Ft.
Stabilized Fair Market Value Proforma $525 $550 $850 $1,250 $20,725 $248,700
(72,000) $2,000 36.0% (37,080) $93,150
(24,870) 10% $5,184 $229,014 (81,000) $2,250 38.1% (42,500) $105,514
$795,000 (1) Current Residential Use 36,383
(2) Convert To 27,523 S/F Church w/ Parking 27,523
(3) Convert To 25,393 S/F Office w/ Parking 25,393
$22.26
$29.43
$31.90
We believe that these $/Sq.Ft. values are at the very low end of the market value range for any of the above uses and represent an outstanding opportunity for a wide range of purchasers from investors to end users. The unique design, quality construction and condition of the main building offers a buyer a range of uses in addition to the three scenarios outlined above: 1)
Continue the Current Residential Use with an eye toward repositioning the property by upgrading and improving utilization of the common areas, apartment floor plans and the vacant commercial space / banquet areas on the ground floor.
2)
Convert to 27,523 Sq.Ft. Church / Office / Other Use: This scenario assumes that a buyer demos the 8,860 s/f one-story building and develops this area as a parking lot to support the main building. It assumes that the 2,130 s/f house is integrated into the new use.
3)
Convert to 25,395 Sq.Ft. Office / Church / Other Use: Same as Scenario #2 except that the 2,130 s/f house is demolished as well. Under either Scenario #2 or #3, it may be possible to retain one or both buildings by acquiring other properties in the immediate vicinity that could be used for parking in conjunction with existing available on street parking.
COOKSON APARTMENTS UTILITY HISTORY JUNE, 2013 THRU MAY, 2014 2013 June July August September October November December
Electric $1,906.53 $1,856.97 $1,887.00 $1,925.38 $2,197.73 $2,177.27 $1,776.37
Gas $888.00 $888.00 $1,573.19 $955.00 $955.00 $955.00 $955.00
Water/Sewer $1,394.57 $1,121.17 $1,211.79 $1,492.32 $1,228.46 $1,048.98 $834.71
2014 January February March April May
$1,741.73 $1,970.95 $2,163.78 $2,249.69 $1,893.49
$955.00 $955.00 $969.16 $1,651.00 $1,634.00
$865.16 $1,208.40 $896.43 $1,050.05 $1,019.85
TOTALS
$23,746.89
$13,333.35
$13,371.89
99 LONG STREET Ashville, Ohio 43103
98' 47'
33'
8'
47' 8'
28'
28'
33'
18'
12'
12'
18'
93'
83'
= 1,950 S/F Attic @ 30 % ____________________________________________ Total 25,393 S/F _____________________________________________
93'
83'
Floor # 1,2 & 3 @ 100 % = 6,512 S/F = 19,536 S/F = 3,907 S/F Floor # 4 @ 60 %
27'
30' 30'
8' 18'
34' 34'
10'
10' 16'
34'
16' 98'
27'
18'
34'
28'
8'
6'
14'
2nd Story @ 50% = 40'
710 S/F
6' 40'
40'
1st Story @ 100% = 1,420 S/F ____________________________________________________________________________________
Total = 2,130 S/F ____________________________________________________________________________________
6'
18'
40'
PRICE REDUCED!
99 LONG STREET, ASHVILLE, OHIO Present use is 35 apartments (25 @ 1BR + 10 @ 2 BR) plus single family home plus approximately 2,500 sq.ft. commercial/ banquet space. Many possible uses for the 3 buildings which total approximately 36,383 sq.ft. as follows: 4 Story Building 25,393 S/F 1 Story Building 8,860 S/F House 2,130 S/F Total Area 36,383 S/F Ashville is a quaint and historic small town with a population of 4,097 located just 10 miles south of the I-270 outerbelt. Ashville is experiencing rapid growth which is projected to accelerate due to its quality lifestyle and proximity to the Rickenbacker International Airport, Foreign Trade Zone and Transportation HUB. Beautiful 1900 Vintage Structure has been well maintained by the current owner. Offered For Sale @ $795,000 or only $21.85 / Sq.Ft. For More Information Please Call Steve Holzer Commercial One Realtors 1515 Bethel Road, Columbus, OH 43220 614-324-6718 Direct · 614-451-9943 FAX · 614-374-8231 Mobile PLEASE DO NOT DISTURB ON SITE MANAGEMENT SCHEDULE ALL PROPERTY TOURS WITH COMMERCIAL ONE No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principals.
ET STRE G N LO
99 LONG STREET Ashville, Ohio 43103
VENUE MADISON A
TR EE T
AVENUE
LO NG S
MADISO N
LONG STRE ET
MA D
IS ON
AV
EN U
E
99 LONG STREET Ashville, Ohio
DISCUSSION OF THE PROPERTY
The property consists of 3 buildings on approximately .6887 acres of land at the southwest corner of Long Street and Madison Avenue in Ashville, Ohio. Based upon my field measurements the gross building areas are approximately as follows: 4 Story Building 25,393 s/f 1 Story Building 8,860 s/f House 2,130 s/f Total Building Area 36,383 s/f (see building sketches & dimensions attached) The property currently consists of 25 one bedroom, 10 two bedroom apartments, 1 three bedroom house and approximately 2,500 s/f of ground floor commercial space. In addition, there is an on site laundry (4 washers / 2 dryers), rental office and banquet facility. The utilities are not presently separately metered and the owner currently pays all utility costs. The building exterior is brick and masonry with the exception of the house, which is frame. The owner has recently replaced the shingle roofs, repaired the slate roof on the large building and installed new vinyl eaves. Exterior condition is excellent for a property of this age and design. The interior is in good repair and condition as well, with finishes designed for efficient and affordable housing for low to moderate income residents. The purchaser of this real estate could reposition the asset in order to achieve upside potential as a rental property or convert the property to office, commercial or other uses. The following are a few examples of possible future uses for the subject property: 1) Continue use as affordable housing with an eye to upgrade rents and utilization of the existing commercial space, banquet facility and common areas. 2) Convert a portion or all of the building to office for owner occupant or multitenant mixed use. 3) Convert to church, private school, clinic or other institutional use. The lack of significant on site parking may be an issue under scenarios 2 and 3 above, but there is on street parking and the possibility of acquiring additional property with close proximity that could be used for parking to support office and commercial uses.
FINANCIAL AND VALUE ANALYSIS
Income Approach to Value: 25 One Bedroom: Average $'s/Mo. 10 Two Bedroom: Average $'s/Mo. 1 House: $'s/Mo. 2,500 S/F Commercial/Banquet Total $'s/Month Gross Scheduled Rental Income
Current Run Rate 6/14 $489 $522 $800 $0 $18,245 $218,940
Less: Vacancy Add: Other Income ($12/Unit/Mo.) Gross Operating Income
(21,894) 10% $5,184 $202,230
Base Operating Expenses $'s/Unit (36 units) % G.O.I. Gas & Electric Proforma Net Operating Income
Offered Sale Price
Gross Building Area (s/f) Asking Price / Sq.Ft.
Stabilized Fair Market Value Proforma $525 $550 $850 $1,250 $20,725 $248,700
(72,000) $2,000 36.0% (37,080) $93,150
(24,870) 10% $5,184 $229,014 (81,000) $2,250 38.1% (42,500) $105,514
$795,000 (1) Current Residential Use 36,383
(2) Convert To 27,523 S/F Church w/ Parking 27,523
(3) Convert To 25,393 S/F Office w/ Parking 25,393
$22.26
$29.43
$31.90
We believe that these $/Sq.Ft. values are at the very low end of the market value range for any of the above uses and represent an outstanding opportunity for a wide range of purchasers from investors to end users. The unique design, quality construction and condition of the main building offers a buyer a range of uses in addition to the three scenarios outlined above: 1)
Continue the Current Residential Use with an eye toward repositioning the property by upgrading and improving utilization of the common areas, apartment floor plans and the vacant commercial space / banquet areas on the ground floor.
2)
Convert to 27,523 Sq.Ft. Church / Office / Other Use: This scenario assumes that a buyer demos the 8,860 s/f one-story building and develops this area as a parking lot to support the main building. It assumes that the 2,130 s/f house is integrated into the new use.
3)
Convert to 25,395 Sq.Ft. Office / Church / Other Use: Same as Scenario #2 except that the 2,130 s/f house is demolished as well. Under either Scenario #2 or #3, it may be possible to retain one or both buildings by acquiring other properties in the immediate vicinity that could be used for parking in conjunction with existing available on street parking.
COOKSON APARTMENTS UTILITY HISTORY JUNE, 2013 THRU MAY, 2014 2013 June July August September October November December
Electric $1,906.53 $1,856.97 $1,887.00 $1,925.38 $2,197.73 $2,177.27 $1,776.37
Gas $888.00 $888.00 $1,573.19 $955.00 $955.00 $955.00 $955.00
Water/Sewer $1,394.57 $1,121.17 $1,211.79 $1,492.32 $1,228.46 $1,048.98 $834.71
2014 January February March April May
$1,741.73 $1,970.95 $2,163.78 $2,249.69 $1,893.49
$955.00 $955.00 $969.16 $1,651.00 $1,634.00
$865.16 $1,208.40 $896.43 $1,050.05 $1,019.85
TOTALS
$23,746.89
$13,333.35
$13,371.89
99 LONG STREET Ashville, Ohio 43103
98' 47'
33'
8'
47' 8'
28'
28'
33'
18'
12'
12'
18'
93'
83'
= 1,950 S/F Attic @ 30 % ____________________________________________ Total 25,393 S/F _____________________________________________
93'
83'
Floor # 1,2 & 3 @ 100 % = 6,512 S/F = 19,536 S/F = 3,907 S/F Floor # 4 @ 60 %
27'
30' 30'
8' 18'
34' 34'
10'
10' 16'
34'
16' 98'
27'
18'
34'
28'
8'
6'
14'
2nd Story @ 50% = 40'
710 S/F
6' 40'
40'
1st Story @ 100% = 1,420 S/F ____________________________________________________________________________________
Total = 2,130 S/F ____________________________________________________________________________________
6'
18'
40'
